SWIFT not Collaborating with Ripple, clears SWIFT Spokesperson

A SWIFT Spokesperson has cleared the air about the alleged partnership between SWIFT and Ripple, stating that SWIFT is not collaborating with Ripple anytime soon in order to drive the price of XRP, as reported on November 7.  As per the reports, a rumor was spread that SWIFT’s partnership with Ripple is going to widen Ripple’s reach to roughly more than 4000 banks. However breaking the ice, a SWIFT’s spokesperson said that the company will have a technical upgrade to track the transactions efficiently between banks.

The upgrade will include a tracking reference titled as Unique End-to-End Transaction Reference(UETR). The UETR will be used to track the GPI payments between users on real time basis. This will provide customers with the idea of where their money is going to, says the spokesperson.

The New York Times has also recently reported that the company has banned 50 Iranian Banks from the messaging system prior to their U.S. sanction. Regarding this, Steven Mnuchin, the Treasury Secretary of SWIFT said that although it is not clear whether every bank listed has been banned by the U.S., the company doesn’t want to affect its global perspective.

Interestingly, this initiative by the platform has been allegedly told to be aiding Trump’s intention to isolate the Iran Government while supporting the EU motive for a decentralized payment system.

Hayden P.

A blockchain and cryptocurrency enthusiast

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